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Can you summarize 3 AKAC 02.145?
Banking Practices > Authorized activities for domestic bank holding companies.
Short Summary
This legal document governs the authorized activities for domestic bank holding companies and their subsidiaries in Alaska. It allows domestic bank holding companies to engage in financial, fiduciary, insurance, and other activities permitted for subsidiaries of banks. These activities include mortgage banking, factoring, equipment leasing, property management, data processing services, armored car or messenger services, and operation of credit bureaus, travel agencies, personal finance companies, commercial finance companies, or trust companies. The document also allows domestic bank holding companies to diversify their holdings or activities upon approval by the department, provided it serves the needs of the public, is not detrimental to the banking subsidiary, and has capable management personnel. However, engaging in activities with established qualifications or licensing requirements requires demonstrating those qualifications, obtaining the necessary licenses, and obtaining written approval from the department.
Whom does it apply to?
Domestic bank holding companies and their subsidiaries
What does it govern?
Authorized activities for domestic bank holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Alaska